“Non-destructive testing and inspection market expected to grow at a CAGR of 8.30% during the forecast period”
The non-destructive testing and inspection market size is expected to be valued at USD11.39billion by 2022, at a CAGR of 8.30% between 2016 and 2022. A key influencing factor for the growth of the market is the increasing demand from electronics, automation, and robotics industries. Rising infrastructure opportunities in emerging countries is another factor that would encourage the demand for non-destructive testing and inspection.
“Market for the manufacturing vertical expected to grow rapidly in the near future”
The manufacturing sector is expected to grow rapidly during the forecast period between 2016 and 2022. This sector is expected to be driven by government policies for non-destructive testing and increased safety awareness in industries. The increasing demand for consumer durable goods and electronic equipment would raise the need for inspection.
“APAC to be the fastest-growing market for non-destructive testing and inspection”
The market in APAC is expected to grow at a high CAGR between 2016 and 2022.The growth is attributed to the large infrastructure projects and increasing manufacturing sector in this region. The market in India is expected to grow at the highest CAGR between 2016 and 2022. The construction of new power plants to meet the growing demands for energy are expected to be the key factor for the growth of the NDT market in APAC.
Break-up of profiles of primary participants for the report is given below:
- By Company Type: Tier 1 – 18%, Tier 2 – 31%, and Tier 3 – 51%
- By Designation: C-Level –40%, Managers – 34%, Others – 26%
- By Region: North America - 51%, Europe – 32%, APAC – 12%, RoW – 5%
The key players in this market include General Electric Company (U.S.), Olympus Corporation (Japan), Ashtead Technology Ltd. (U.K.), Mistras Group Inc. (U.S.), Nikon Corporation (Japan), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Sonatest Ltd. (U.K.),Sonotron NDT (Israel), Bosello High Tech SRL ( Italy), Yxlon International GmbH (Germany), Fischer Technology Inc. (U.S.), and Eddyfi NDT Inc. (Canada) among others.
Reasons to buy the report:
- This report includes the market statistics pertaining to technique, service, vertical, and geography.
- The Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into this market.
- Major drivers, restraints, opportunities, and challenges for the NDT market have been detailed in this report.
- Illustrative segmentation, analyses, and forecast have been conducted for the market based on the technique, method, service, vertical, and geography to give an overall view of the non-destructive testing market.
- The detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.